Facing Retiring Without Savings

Cottage, Lake, Water, Nature, Summer
Yikes! Water! Water! It’s my bank account! I have completely smoked it! I inadvertently incinerated it through those last 30+ years of career building. If it’s any consolation, you’ve got loads of company in your present miserable dilemma.
Alana Semuels, in a February 22, 2018 The Atlantic article, This is What Life Without Retirement Savings Seems Like, says that”… the median savings in a 401(k) plan for people between the ages of 55 and 64 is now only $15,000, according to the National Institute on Retirement Security, a nonprofit. Other employees didn’t have access to a retirement plan through their employer. They’re going from being near poor to poor.”
It is a sobering reality to learn that, according to a January 13, 2017 report of The Social Security Administration, 21% of married couples and 43% of single seniors rely on Social Security for 90 percent or more of their income. According to a 2015 Gallup poll, 36 percent of near-retirees say they expect Social Security to be a significant source of income once they retire.
How and why are too many Boomers finding themselves in this essential crossroads of many years ahead with little if any financial resources? Did you don’t establish a sound financial retirement plan early on in life? Are you busy setting your career and accomplishing your job goals? Did the euphoria of consumerism consume you and blind you to the wisdom of deferring an immediate impulsive”want” in favor of long-term”needs?” Did some unanticipated and unavoidable financial crisis arise, draining your financial resources? Did raising a family, college expenses, parental illness, a divorce, or some natural disaster sabotage your long-term fiscal plans?
That was then; this is now. Your current reality presents a sober wakeup call about what to do today. Take heart. Breathe. And let us look at options.
First, turn to a professional to evaluate your current real assets. There are lots of free services provided to senior citizens created to help seniors get control of their financial affairs. For instance, American Association of Retired Persons, under the heading, Finance, has an entire cadre of resources, both human and on-line. Such matters as”Get Help Choosing a Financial Advisor,””Free Tax Preparation,” and”Money Management Resources,” – are intended to help you determine the fact of your current financial status.
Another invaluable source for Boomers and seniors is the Federal government. A Google search,”Government Services for Seniors” yields a gold mine of sites where seniors can retrieve concrete information, in addition to material goods and services. To a great extent, Boomers are unaware of the existence of these resources or are reluctant to take advantage of them. Ironically, it is we, the people, who have, through taxation, generously contributed to the development and availability of what the authorities is now able to provide. Now is the time to dive into this abundant trough of resources that you, in actuality, helped build!
Now that you understand, Dorothy, that”you are not in Kansas anymore,” you will want to decide which path of the yellow brick road to follow to best meet your current financial needs.
How and where can you save by making small changes in your current lifestyle?
How and where can you place your present limited assets to operate more efficiently?
How and where can you augment your current income by work, either full or part time, either for yourself or someone else, either doing what you did before, or in some totally new venture.
Through smart saving, corrected lifestyle, and creative work strategies, you can and will endure, possibly thrive, in retirement, despite limited retirement income and savings.

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